(Reuters) -Skydance-owned Paramount will become the exclusive U.S. home of Ultimate Fighting Championship under a seven-year streaming deal valued at about $7.7 billion, the first major strategic move by the newly merged media giant under new CEO David Ellison.

As these shifts take place, the media industry is about to go through a major test: how many people are willing to pay for a lot of — but not all — the sports content they want to watch.

Paramount (NASDAQ:PSKY) is making its biggest sports rights bet yet. The company has signed a seven-year, $7.7 billion agreement to become the exclusive U.S. home for all Ultimate Fighting Championship events,